IFRS 17 Essentials

• IFRS 17 - Benefits of High-Performance and Scalable Technology

  Implementing the IFRS 17 reporting standard means insurers will need to contend with multiple data sources, large data volumes and intensive calculations. Consequently, as IBM explains, insurance providers will require platforms built for performance, scalability and ease of data integration. Andrew Dansereau, PhD, FSA, CFA; Paolo Laureti, PhD; Stephen Wang, MEng, FRM explain

  

• Shifting through the gears to IFRS 17. Next stop proof of concept

  2018 has been a year of mobilisation within the industry, as Insurers across the world continue to build momentum in developing their plans to comply with the regulatory changes and processing challenges of IFRS 17.

  

• Aggregation and diversification of the IFRS 17 Risk Adjustment

  Under IFRS 17 the risk adjustment for non-financial risk is "...the compensation an entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risks as the entity fulfils insurance contracts". The calculation method is not prescribed and is the choice of the insurance company, subject to the principles detailed in paragraphs B91 and B92 of the standard.

  

• A once-in-a-generation opportunity for business change

  IFRS 17 offers companies the chance to revamp their business processes for their long-term benefit. Mark Miller, IFRS global lead, and Jeremy Wood, chief executive, of Legerity explain how

  

• Making the transition to IFRS 17

  Insurers must soon make some crucial decisions in how they will make the transition from current insurance contract accounting rules to IFRS 17. Henny Verheugen, principal and consulting actuary at Milliman, discusses the possible implications of each of the three approaches to transition, and why insurers will need to choose their options carefully

  

• Ramifications of IFRS 17 - the known, the predicted and the unknown

  Lee Thorpe, head of risk business solutions at SAS UK & Ireland, looks at some of the ramifications of IFRS 17 and how insurance firms can prepare

  

• Insurance contracts accounting - present and future

  Laura Kennedy introduces the IFRS 17 standard, explains why it's needed, and describes the path to implementation

  

• The road to better data, systems, processes and control

  IFRS 17 is less about reaching its destination – the calculation of closing balances – than the journey it takes to get there. Critical as they are, the standard's calculations are just part of a much bigger picture, covering not only data, systems and processes but also how these elements are controlled. Understanding the key new challenges that insurers must navigate, the team behind FIS' Prophet risk management solution maps out a route to compliance

  

• The CFOs guide to achieving IFRS 17 compliance

  Ross E. Chapman spells out the changes that finance teams can expect with IFRS 17 and how they can best prepare for implementation. He also describes the lessons learned from Aptitude Software's development work with clients, and presents the results of a readiness survey of global insurers